Barclays was up 19% last week with Lloyds Banking up by 25%, HSBC by 9% and NatWest by 7%. Firstly we saw a decent bounce by the FTSE 100, which saw the likes of IAG, Rolls Royce, Carnival, Tui Travel, BP and Shell make noteworthy gains, together with some of our rather battle-scarred banks which had lost around 50% of the share value since the beginning of the year. There was significant activity on global equity markets last week. Many suspect that a watered-down edition could well be ‘on the cards’, in the light of the economic turmoil that currently prevails. A trade deal with the EU has yet to be agreed. I suspect the senior echelons of the Civil Service will breathe a huge sigh of relief. Does she have a ‘paid position’ at No: 10? Many will be delighted that Mr Cummings is now out of the picture, though I doubt he will go quietly. Many are not quite sure why the PM’S fiancée should have played such a leading role in this rebellion. This coup seems to have Carrie Symonds’s, Munira Mizra’s, Allegra Stratton’s and Priti Patel’s hallmarks all over it. Here in the UK, the shenanigans in 10, Downing Street beggars belief, with Dominic Cummings and Lee Cain, the PM’s closes advisors leaving and heading for the front door, all but knocking over ‘Larry, the Cat’, as they leave the premises with almost indecent haste. Sadly, political leadership in both countries gives the impression of being moribund. Despite the euphoria displayed by analysts and the public over Pfizer’s and BioNtech’s cry of ‘Eureka’ we think a vaccine is nigh, Covid19 appeared to raise its game in the US significantly both in terms of a pandemic but also many more seem to have died at its lethal toxicity. Most people are of the opinion that the Supreme Court is unlikely to support President Trump’s claim of electoral foul play without conclusive evidence. President Trump refused to concede to President-Elect Biden, despite support at the top end of the Republican party appearing to dissipate. In the US and the UK utter political chaos seemed to reign supremely. Last week was another extraordinary experience – politically and economically as well as from a corporate perspective. However, Augusta National was a more benign course than it is in April, when the greens are like glass and how this amazing tournament missed the infectious enthusiasm of a full house of golfing fanatics! I doubt we shall ever see a finer exhibition over four rounds than that shot by the American from South Carolina. Yesterday, the US Masters won with a record score by Dustin Johnson (-20), but it was not an exciting event, though the golf played by the winner and others was spectacular.
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